Bitcoin’s Crash Isn’t Over Yet? Analysts See More Downside Toward $60K
Bitcoin crashed below $68,000 on Saturday, extending a dramatic decline from an $81,000 peak just ten days ago, with analysts warning that the slide may not be over.
Bitcoin’s price action has accelerated sharply over the past week, with the leading cryptocurrency falling below $68,000 on Saturday. This drop follows a crash below $69,000 on Friday, marking the first time the asset has traded in that range since late August.
The decline has been swift, erasing gains from a high of $81,000 just ten days ago. Market experts point to a confluence of factors driving the sell-off, including macroeconomic data and technical breakdowns.
Martin Lee, the Market Insights Lead at DWF Labs, says the current setup is concerning. He notes that bitcoin is on track to close beneath its 50-week moving average near $75,000 for the first time in eight weeks since reclaiming it.
Technical Breakdown
Lee emphasizes that bitcoin never moved particularly far above the 50-week MA before reversing, with its peak coming in September at $87,000. This left the asset relatively close to another major technical support: the 200-week moving average around $68,000.
This key level has repeatedly served as an important long-term floor, Lee said.
He contrasts the current situation with November 2025, when bitcoin lost the 50-week MA near $100,000 and eventually plunged toward $60,000 before reaching comparable long-term support. If the $68,000 support fails on the weekly scale, as it did on Friday, Lee expects the next major leg down to drive the asset to $60,000.
On-chain data supports this bearish outlook. New bitcoin futures and perpetual positions show a 52.2% short-to-long ratio within the past 24 hours, while new options activity was similarly tilted bearish, with puts accounting for 53% of flows.
Macroeconomic Headwinds
Lacie Zhang, the Research Lead at Bitget Wallet, attributes the latest decline to a combination of macro risk aversion, persistent spot Bitcoin ETF withdrawals, leveraged long unwinding, and weakness across technology stocks.
The hotter-than-expected October CPI data worsened the broader landscape for risk-on assets. Headline prices rose 0.4% month-over-month against expectations of 0.3%, while core inflation also exceeded forecasts. This has lifted expectations for a December Federal Reserve rate hike.
Zhang sees $68,000 as immediate support, followed by $65,000 and $62,000 if selling continues. As Lee noted, though, $60,000 is not out of the question anymore, which is hard to imagine since bitcoin traded above $80,000 just ten days ago.
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